Identifying risk and solution measures for businesses

[Jlife]

Generally when people have a business idea they have the idea but are unsure of the logistics that goes behind it. This should not stop them though and it should encourage them to get the right knowledge on it.

If you have any new business idea ,it is better for you to take your time to learn it because if you personally do not understand what the business is all about ,then the whole business will be useless as people will not be able to care for the business as the original owner.

 

[BrolySSJ]

If you have any new business idea ,it is better for you to take your time to learn it because if you personally do not understand what the business is all about ,then the whole business will be useless as people will not be able to care for the business as the original owner.

I do understand where you are coming from but this is generally where partnerships are formed in a business venture. Generally where the person is lacking in skills another person is able to make up for it and therefore this can lead to an even more successful business.

 

[Abigael]

I definitely agree that risks and responses should be included in a business plan. It will make it easier to identify them and mitigate them since you already have a plan in place.

 

[BrolySSJ]

I definitely agree that risks and responses should be included in a business plan. It will make it easier to identify them and mitigate them since you already have a plan in place.

Exactly. Generally when you identify a risk and how you are planning to deal with that risk you also have many backup plans in case something does not work out as planned. This can be very important in trying to mitigate or reduce the risks and as a result you are likely to get more investors as well.

 

[Jlife]

I do understand where you are coming from but this is generally where partnerships are formed in a business venture. Generally where the person is lacking in skills another person is able to make up for it and therefore this can lead to an even more successful business.

I know with partnership business all this thing will be taken care of ,but what of a situation in which you are not really interested in engaging in any partnership business, what do you think should be done

 

[BrolySSJ]

I know with partnership business all this thing will be taken care of ,but what of a situation in which you are not really interested in engaging in any partnership business, what do you think should be done

If you are not willing to engage in a partnership then I think that the best course of action is to probably hire a consultant who can advise you on how to proceed further within the business and possibly give you some advice on how to obtain the skills that you need as well.

 

[Alexandoy]

I definitely agree that risks and responses should be included in a business plan. It will make it easier to identify them and mitigate them since you already have a plan in place.

The business plan have to include the potential problem analysis that has a layout of the preventive actions and contingent actions. For example the lack of supplies when there is a shortage the preventive action is stocking more than the quota of the business. The contingent action is what to do when the shortage happens.

 

[eLdavis]

Business Risk - How to review, identify, and manage
How to identify business risks. Analyze the resources that can cause problems. It is important to identify and analyze the sources that may be causing the problem. do it now. Add employees. Make a list of industry risks. Keep track of the risks.

Nice one, and once you have been able to find out the cause of the problem in the business, the solution can easily come out.most business find it out to create solutions to their problems because they are yet to actually find the cause.

 

[kayode10]

It is very important to always make a critical assessment for ones business. This helps to check the excessive on the business. If you can't do proper accessement for your business, you can hire an expert to get the job done.

 

[Jlife]

If you are not willing to engage in a partnership then I think that the best course of action is to probably hire a consultant who can advise you on how to proceed further within the business and possibly give you some advice on how to obtain the skills that you need as well.

I would not like to employ anyone but what I will do is that, I'm going to take my time to learn all the skills that will be needed for me to run my business successfully before I even think of starting the business in the first place.

 

[Nurudeen]

I agree with all your points here. Setting up a business is not just about having the capital for the business. The ability to be more knowledgeable in the business is very important for the growth and smooth running of the business

 

[BrolySSJ]

I would not like to employ anyone but what I will do is that, I'm going to take my time to learn all the skills that will be needed for me to run my business successfully before I even think of starting the business in the first place.

This is also a very good approach to take and it will allow you to gain the necessary skills needed in order to deal with future obstacles that may present itself within the business. I think that you employing someone else is just a way that people use in order to try and reduce the time needed to start the business.

 

[Jlife]

This is also a very good approach to take and it will allow you to gain the necessary skills needed in order to deal with future obstacles that may present itself within the business. I think that you employing someone else is just a way that people use in order to try and reduce the time needed to start the business.

But reconsidering this my decision ,there are some skills that are needed to run a business and will only be gotten by people who have been in the tertiary institution, that means I really need to spend four years to get the skill in school.

 

[Setho]

This is why it is always advisable that as a business person you should evaluate your business from time to time so that you can identify potential risk and know how to avoid them.

 

[akinlolu99]

In every business there is risks and for every risk, there is always a solution the only thing it might not look like a solution at first but f someone looks harder the solution will definitely present itself for the person to know and when such happens the best is to know what to do at that moment and how to advance it really matter then

 

[topfly007]

Of course I do. For every business that must be successful, it is paramount for one to understand the risks involved in it and the possible ways of eliminating those risk when they arise.

 

[Good-Person]

In every business there are risk factors, so for one to succeed you must identify areas of risks and there to minimize it or eradicate it.

I agree. I have invested in some paid to click websites and this is one of the riskist business. This is because there is always a high risk of getting scammed by these paid to click websites. I just view my investment as risky investment. I can never hope for it to last very long.

 

[BrolySSJ]

But reconsidering this my decision ,there are some skills that are needed to run a business and will only be gotten by people who have been in the tertiary institution, that means I really need to spend four years to get the skill in school.

This is a good point as well. Such skills will likely be of the financial and managerial nature and that will require a lot of technical knowledge and a degree in order for you to be recognized by the relevant government institutions.

 

[tyrim88]

It is knowledgeable enough for businesses to plan well before starting up a business. This planning should include risk taking as well as failures.

If these key ideas are thoroughly ironed out, providing solutions when problems arise will be quick on spot.

Do you believe these should be included in every business plan?

This is actually one of the measure a business person should consider before going into any business,One of these is on the issue of the uncertainty that comes with a new market prospect,and one need to have a reserve of cash to be able to do a back up if a venture fall into mulky waters.

 

[BrolySSJ]

This is actually one of the measure a business person should consider before going into any business,One of these is on the issue of the uncertainty that comes with a new market prospect,and one need to have a reserve of cash to be able to do a back up if a venture fall into mulky waters.

A new market does have a lot of uncertainty and for many people they have to do research in order to see who is likely to support the business and if that is sufficient in the demographic or should you target others as well.